Saudi Arabia: Crown prince unveils plans for $500 billion mega city

Saudi Crown Prince Mohammed bin Salman announced plans to build a new mega city on the Red Sea coast, speaking at a global business conference in Riyadh, Tuesday. Explaining the project, called 'NEOM', the prince said that «In the winter, the mountains are covered with snow. In the summer, the weather is mild and ten degrees lower than the rest of the capitals and cities of the Gulf, this is our... Еще vision.» The city will be backed by more than $500 billion (€425bn) investment from the Saudi government, the country's sovereign wealth fund and local and international investors, according to a statement released at the conference in Riyadh.

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